New York-based Investcorp Technology Ventures announced last month that it closed its second fund with $300 million in capital commitments. The firm did not disclose investors, but LPs include the ITV team, which invested a combined $8 million. The fund was targeted at $250 million.
Investcorp Technology Ventures II focuses on venture buyouts, corporate spinouts and growth capital. Primarily, the firm invests in U.S. tech companies, though it has done some deals in Western Europe from its London office
Fund I was launched in June 2001 with $210 million in committed capital. Of the 16 investments initiated by the team, seven have been fully realized, according to the firm.
Exits include ObjectStar International Ltd., a developer of a legacy integration software platform, which was sold to TIBCO Software Inc. in March; and PortalPlayer Inc. (Nasdaq: PLAY), a developer of chips and firmware for digital media devices that went public in late 2004.
To date, ITV has completed three investments from ITV Fund II, bringing the total amount invested to about $30 million.
Earlier this year, the firm invested in Magnum Semiconductor Inc., which was spunout from Cirrus Logic’s digital video product line. ITV led the asset sale with a $12 million investment in June. Magnum is based in Milpitas, Calif.
ITV also invested $11.5 million in Trema Holding N.V., a France-based provider of treasury and cash management software; and $6 million in PanGo Networks Inc., a Framingham, Mass.-based provider of a middleware software platform.